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13 May 2012 | 9 replies
If she wants to stay a perm loan mod might be the best way to go.Lenders start them off with 3 month trial mods and then give permanent mods but take a long time.Perm mods only happen 10% of the time and this seller might not have the mental toughness to stick it through.Another option for her is chapter 13 and possibly "lien stripping" the second.She would not to talk to a BK attorney about that.If she does not want to stay at all then the "short sale" is the option.Make sure the husband doesn't have to sign off on it as they will usually be spiteful just to get back at the former spouse and not respond to request for signatures or financials the lender asks for.As you are a wholesaler though I don't see money in this for you.The bank will want the property listed with an agent for sale to try to get the highest price.The second will want money to go away and the first usually offers 1,000 or just forecloses but might offer more if the foreclosure process is long and costs a bunch of money and values are declining for the area each month.It could get way more complicated then I am describing on these.Sounds like you need to look at other deals.What I am surprised at is how you think there are a bunch of properties with equity sitting around.Many of these people refied during the boom times.They were buying houses and using as atm's as the values went up and up.The lender would go to 120% because the thought was the value would catch up with the loan as the market went up so there was ZERO RISK.We all know the answer to what happened with that thought process.
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29 May 2012 | 12 replies
There is about a 5 to 7 year cycle in RE where prices catch up, with stagnet periods and then swing the other way.
15 April 2014 | 67 replies
This property is not unique. there are literally hundreds of them around the city of Dayton but the catch is you need to get to know the neighborhoods and make contacts.
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8 April 2013 | 32 replies
Technically,if you're paying all cash, you don't have to have insurance.But if you leave the closing the place catches on fire, you'reout all the money.
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19 June 2012 | 11 replies
It all depends on the tenant base as mentioned.The bad credit ones will wait and see if you pay the money to file eviction and will not care about the notice you give them.Make sure in your lease you have language that states the security deposit CANNOT be applied to last months or any months rent.If you do not have that in there you can be in trouble.Sometimes if the tenant is a good tenant that falls behind the landlord will let them apply the security deposit to catch up that one month if it makes sense.You need to get an written agreement in writing though signed by the tenant authorizing this.With college degree highly educated tenants the job is more stable,they have reserves for bumps in the road,etc.This is not always the case but works in your favor with percentages.With lower income the education tends to be less,they work 2 jobs to pay the rent,the rely on multiple incomes in the house hold to pay the rent,charity assistance,government programs,etc.The cash is more but you are almost a social worker and the drama that comes with it can be too much to deal with at times.
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8 July 2012 | 4 replies
During times of high inflation an agent could get a long listing and wait for the values to catch up with it.Check out what is typical in your market as the ratio of ask/sell price can vary depending on market conditions.Nothing worse than a stale listing.
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29 June 2012 | 7 replies
Property managers are often lemons, tenants can wreak havoc if not checked on and managed, maintenance is deferred, problems (like main waterline leaks or fire hazards or other things) are not addressed and many other things.I don't love managing my MFHs, but I catch lots of things early by staying on top of things a bit and getting to know the tenants.
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2 July 2012 | 11 replies
Then I hope to catch my breath!
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2 July 2012 | 6 replies
That will indefinitly catch up to him in some way or another.
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4 July 2012 | 8 replies
How often do you do inspections (can't stop damage altogether but could catch and remedy sooner potentially)?